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Article: Hotels rates slow to recover.(Business)
- Article from:
- Daily Herald (Arlington Heights, IL)
- Article date:
- June 25, 2009
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Byline: Nadja Brandt Bloomberg News
Marriott International Inc. and Starwood Hotels & Resorts Worldwide Inc. are among U.S. hotel operators that may need four years to restore room rates to 2008 levels after slashing prices to spur demand.
"We donAEt see national average room rates getting back to 2008 levels until sometime in 2012 or even 2013," Mark Woodworth, president of PKF Hospitality Research, said. "There were rate declines in 2001 and 2002, but until this year that was the only other time that happened in this industry in some 20 plus years."
The average U.S. daily hotel rate, calculated as room revenue divided by rooms sold, dropped ...